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By Andrew Campbell
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Sarkozy accused of obtaining large amounts of cash from Ms. Bettencourt. The contradiction between the rhetoric of judge Michel Genti is focusing on Sarkozy and former Bedangourt employee.

U.S. President Barack Obama said he disagrees with the S&P downgrade, but he hopes it will prompt lawmakers in Washington to agree on what he called a balanced approach to debt and deficit reduction -- including higher taxes for the wealthy and cuts in spending on social programs. Mr. Obama said the financial markets "continue to believe our credit is triple-A."
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In Europe, markets in Italy and Spain rose sharply Monday after the European Central Bank said it would buy government bonds from both countries in an effort to calm fears about the eurozone debt crisis. But other major European markets lost ground.
Geithner said the United States has a very resilient and strong economy. He said U.S,abercormbie france. treasuries are an absolute safe investment and that there is no risk of the United States not being able to meet its obligations.
The other two major credit rating agencies -- Moody's and Fitch -- have so far kept the U.S,hollister. triple-A rating,louboutin pas cher.
S&P blamed Congress for months of political haggling over a deficit reduction deal that S&amp,abercrombie;P says does not go far enough. The deal calls for cutting the deficit by more than $2 trillion over 10 years. S&P called for $4 trillion in savings.
Global financial markets dropped sharply Monday in reaction to an unprecedented downgrade of the U.S,louboutin pas cher. government's credit rating and lingering concerns about European debt problems and global growth.
The S&P 500, an index that measures broad U.S. stock market activity, was down almost seven percent Monday, and has dropped 11 percent since the beginning of the year. Major indexes across Asia closed down between two percent and four percent, and European stocks were down by three-to-five percent.
Monday's trading sessions were the first chance for most investors to react to the change in the Standard & Poor's rating,louboutin, which was announced Friday evening after world markets had closed. U.S. government debt is now rated "AA+," one level below the highest possible rating of "AAA."
Traders work on the floor of the New York Stock Exchange on Aug. 8, 2011 in New York. /AP Related articles?


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Sarkozy accused of obtaining large amounts of cash from Ms. Bettencourt. The contradiction between the rhetoric of judge Michel Genti is focusing on Sarkozy and former Bedangourt employee.

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